Shubhalakshmi Panse, an independent director of PNB Housing Finance, has resigned from her position to continue with her role at company’s competitor Can Fin Homes, the firm announced on Tuesday.

Panse was appointed as an independent director of PNB Housing Finance Ltd (PNBHFL) in July 2017. Earlier, she served as managing director at Allahabad Bank from October 2012-January 2014.

“In her resignation letter dated January 5, 2021, Shubhalakshmi Panse has referred to her telecommunication with the chairman… and mentioned about the sentiments expressed by majority of the board members. Panse… had accepted independent directorship in Can Fin Homes Ltd on June 15, 2020.

“Since both the companies are competitors, Panse was required to continue the directorship with either of the two companies in view of the corporate governance principles,” PNB Housing Finance said in a regulatory filing.

“The chairman in his interaction with Panse had requested her to continue on the board of PNB Housing given her contribution, experience and knowledge, instead of Can Fin Homes,” the filing said.

“However, Panse expressed her desire to continue on the board of Can Fin Homes,” the company added.

Meanwhile, company’s shares were trading higher by 0.95 per cent higher at Rs 370 apiece on BSE.